Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Síntese de pigmentos cerâmicos inorgânicos nanométricos e encapsulados com estrutura core-shell pela rota dos precursores poliméricos

The present work has as objective the development of ceramic pigments based in iron oxides and cobalt through the polymeric precursor method, as well as study their characteristics and properties using methods of physical, chemical, morphological and optical characterizations.In this work was used iron nitrate, and cobalt citrate as precursor and nanometer silica as a matrix. The synthesis was based on dissolving the citric acid as complexing agent, addition of metal oxides, such as chromophores ions and polymerization with ethylene glycol. The powder obtained has undergone pre-ignition, breakdown and thermal treatments at different calcination temperatures (700 °C, 800 °C, 900 °C, 1000 °C and 1100 °C). Thermogravimetric analyzes were performed (BT) and Differential Thermal Analysis (DTA), in order to evaluate the term decomposition of samples, beyond characterization by techniques such as BET, which classified as microporous materials samples calcined at 700 ° C, 800 º C and 900 º C and non-porous when annealed at 1000 ° C and 1100 º C, X-ray diffraction (XRD), which identified the formation of two crystalline phases, the Cobalt Ferrite (CoFe2O4) and Cristobalite (SiO2), Scanning Electron Microscopy (SEM) revealed the formation of agglomerates of particles slightly rounded;and Analysis of Colorimetry, temperature of 700 °C, 800 °C and 900 °C showed a brown color and 1000 °C and 1100 °C violet

Estudo da molhabilidade de ligas de adição à base de prata sobre insertos cerâmicos para aplicação em brocas perfuração de poços de petróleo

Metal-ceramic interfaces are present in tricone drill bits with hard ceramic inserts for oil well drilling operations. The combination of actions of cutting, crushing and breaking up of rocks results in the degradation of tricone drill bits by wear, total or partial rupture of the drill bit body or the ceramic inserts, thermal shock and corrosion. Also the improper pressfitting of the ceramic inserts on the bit body may cause its total detachment, and promote serious damages to the drill bit. The improvement on the production process of metal-ceramic interfaces can eliminate or minimize some of above-mentioned failures presented in tricone drill bits, optimizing their lifetime and so reducing drilling metric cost. Brazing is a widely established technique to join metal-ceramic materials, and may be an excellent alternative to the common mechanical press fitting process of hard ceramic inserts on the steel bit body for tricone drill bit. Wetting phenomena plays an essential role in the production of metal/ceramic interfaces when a liquid phase is present in the process. In this work, 72Silver-28Copper eutectic based brazing alloys were melted onto zirconia, silicon nitride and tungsten carbide/Co substrates under high vacuum. Contact angle evolution was measured and graphically plotted, and the interfaces produced were analysed by SEM-EDX. The AgCu eutectic alloy did not wet any ceramic substrates, showing high contact angles, and so without chemical interaction between the materials. Better results were found for the systemns containing 3%wt of titanium in the AgCu alloy. The presence os titanium as a solute in the alloy produces wettable cand termodinamically stable compounds, increasing the ceramics wetting beahviour

Síntese de pigmentos cerâmicos inorgânicos nanométricos pela rota dos precursores poliméricos

Considering the constant evolution of technology in growth and the need for production techniques in the ceramics area to move forward together, we sought in this study, the research and development of polymeric precursor method to obtain inorganic ceramic pigments. Method that provides quality to obtain the precursor powders of oxides and pigments at the same time, offers time and cost advantages, such as reproducibility, purity and low temperature heat treatment, control of stoichiometry. This work used chromium nitrate and iron nitrate as precursors. The synthesis is based on the dissolution of citric acid as a complexing agent, addition of metal oxides, such as ion chromophores; polymerization with ethylene glycol and doping with titanium oxide. Passing through precalcination, breakdown, thermal treatments at different temperatures of calcination (700 to 1100 oC), resulting in pigments: green for chromium oxide deposited on TiO2 (CrTiO3) and orange for iron oxide deposited on TiO2 ( FeTiO3). Noticing an increase of opacity with increasing temperature. Were performed thermal analysis (TG and ATD) in order to evaluate its thermodecomposition. The powders were also characterized by techniques such as XRD, revealing the formation of crystalline phases such as iron titanate (FeTiO3) and chrome titanate (CrTiO3), SEM, demonstrating formation of rounded particles for both oxides and Spectroscopy in the UV-Visible Region, verifying the potential variation and chromaticity os pigments. Thus, the synthesized oxides were within the requirements to be applied as pigments and shown to be possible to propose its use in ceramic materials

Contabilidade do crescimento pelo lado da demanda agregada: uma proposta de cálculo das contribuições ao crescimento pela demanda agregada para o Brasil de, 2000 a 2009, utilizando matrizes insumo-produto

The demand side growth accounting studies the demand aggregate component contributions in the Gross Domestic Product (GDP). Traditionally, international and national organizations that uses the traditional method for calculating such contributions. However, this method does not take into account the effect the induction of imports by the various components of aggregate demand on the calculation of these. As an alternative to this method are presented others studies that consider this effect, as the alternative method proposed by Lara (2013), the attribution method, proposed by Kranendonk and Verbruggen (2005) and Hoekstra and van der Helm (2010), and the method the sraffian supermultiplier, by Freitas and Dweck (2013). Was made a summary of these methods, demonstrating the similarities and differences between them. Also, in the aim to contribute to the study of the subject was developed the “method of distribution of imports” that aims to distribute imports for the various components of aggregate demand, through the information set forth in the input-output matrices and tables of resources and uses. Were accounted the contributions to the growth of macroeconomic aggregates for Brazil from 2001 to 2009 using the method of distribution, and realized comparison with the traditional method, understanding the reasons for the differences in contributions. Later was done comparisons with all the methods presented in this work, between the calculated contributions to the growth of the components of aggregate demand and the domestic and external sectors. Was verified that the methods that exist in the literature was not enough to deal with this question, and given the alternatives for contributions to the growth presented throughout this work, it is believed that the method of distribution provides the best estimates for the account of contributions by aggregate demand sector. In particular, the main advantage of this method to the others is the breakdown of the contribution of imports, separated by aggregate demand component, which allows the analysis of contribution of each component to GDP growth. Thus, this type of analysis helps to study the pattern of growth of the Brazilian economy, not just the theoretical point of view, but also empirical and basis for the decision to economic policies

Trajetos de exclusão e reclusão: oral temática de familiares atingidos pelo tratamento asilar da hanseníase

A história da hanseníase é marcada por preconceito, exclusão social, estigma, abandono e medo, por ter sido conhecida durante muito tempo como incurável e contagiosa. Além dos agravos inerentes às alterações dermatoneurológicas e consequentes incapacidades físicas, são ressaltadas as repercussão emocionais, alterações nos hábitos cotidianos e mudanças na configuração familiar. Atualmente a hanseníase é conhecida como doença negligenciada, com alta incidência e prevalência, considerada como um problema de saúde alvo de incentivos e mobilizações das políticas públicas. Ao estudar a história da hanseníase, parte-se do pressuposto de que pouco se sabe sobre as repercussões da doença do passado na vida dos familiares de ex-doentes tratados em regime asilar, assim como a visão e os sentimentos dos mesmos familiares diante da hanseníase na atualidade. Portanto, objetivou-se narrar a história de familiares de ex-doentes de hanseníase que foram tratados em hospital colônia. Os objetivos específicos são: Identificar se familiares de pacientes com hanseníase tratados em hospitais colônia eram atingidos pelo preconceito, estigma e exclusão que permeava a vida dos portadores da doença; Verificar se o tratamento de ex-doentes de hanseníase em hospitais colônia alterou a efetivação de laços familiares tais indivíduos e os membros de sua família; Averiguar qual a compreensão que familiares de ex-doentes de hanseníase tratados em hospitais colônia têm sobre a hanseníase; Promover, junto aos participantes da pesquisa, atividade de promoção da saúde sobre hanseníase. Adotou-se o estudo exploratório e descritivo, com abordagem qualitativa com suporte na História Oral de Temática como técnica e referencial metodológico. Os 52 familiares de ex-doentes de lepra que foram segregados no Hospital Colônia São Francisco de Assis, cadastrados no MORHAN-Potiguar, constituíram a colônia. A partir do ponto zero houve o recrutamento dos participantes que compuseram a rede, totalizando 10 colaboradores, de ambos os sexos e idade de 44 a 76 anos. Após aprovação pelo Comitê de Ética em Pesquisa - UFRN, sob o protocolo 650.654/2014 e CAAE 25922214.3.0000.5537, realizou-se a coleta de dados por meio de entrevista, utilizando instrumento de identificação da rede e questões abertas. As entrevistas foram gravadas, transcritas, conferidas pelos colaboradores e posteriormente transcriadas. Tratou-se as histórias, narradas pela técnica de Análise Temática de Conteúdo, segundo Bardin, emergindo três eixos temáticos: Impacto nas relações sociais (Estigma e preconceito; Exclusão social); Impacto nas relações familiares (Desagregação familiar; Restrições para visita; Compartilhamento e construção de uma nova família; Consequências familiar geradas pelo isolamento; Reconstrução do vínculo familiar); e Pensamentos frente a lepra e a hanseníase (A história no passado; A história no presente). O fato de ter um familiar doente de hanseníase segregado em hospital colônia gerou empecilhos nas relações sociais vivenciadas pelos colaboradores do estudo, que embora não tivessem a doença, foram vitimados pela exclusão social, estigma e preconceito. O internamento compulsório também gerou modificações na estrutura familiar, com distanciamento, alteração no vínculo e tentativa de reestruturação familiar. Os colaboradores também refletiram sobre política de controle da lepra no passado, assim como a adotada no presente frente à hanseníase.

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Síntese de pigmentos cerâmicos inorgânicos nanométricos e encapsulados com estrutura core-shell pela rota dos precursores poliméricos

The present work has as objective the development of ceramic pigments based in iron oxides and cobalt through the polymeric precursor method, as well as study their characteristics and properties using methods of physical, chemical, morphological and optical characterizations.In this work was used iron nitrate, and cobalt citrate as precursor and nanometer silica as a matrix. The synthesis was based on dissolving the citric acid as complexing agent, addition of metal oxides, such as chromophores ions and polymerization with ethylene glycol. The powder obtained has undergone pre-ignition, breakdown and thermal treatments at different calcination temperatures (700 °C, 800 °C, 900 °C, 1000 °C and 1100 °C). Thermogravimetric analyzes were performed (BT) and Differential Thermal Analysis (DTA), in order to evaluate the term decomposition of samples, beyond characterization by techniques such as BET, which classified as microporous materials samples calcined at 700 ° C, 800 º C and 900 º C and non-porous when annealed at 1000 ° C and 1100 º C, X-ray diffraction (XRD), which identified the formation of two crystalline phases, the Cobalt Ferrite (CoFe2O4) and Cristobalite (SiO2), Scanning Electron Microscopy (SEM) revealed the formation of agglomerates of particles slightly rounded;and Analysis of Colorimetry, temperature of 700 °C, 800 °C and 900 °C showed a brown color and 1000 °C and 1100 °C violet

Estudo da molhabilidade de ligas de adição à base de prata sobre insertos cerâmicos para aplicação em brocas perfuração de poços de petróleo

Metal-ceramic interfaces are present in tricone drill bits with hard ceramic inserts for oil well drilling operations. The combination of actions of cutting, crushing and breaking up of rocks results in the degradation of tricone drill bits by wear, total or partial rupture of the drill bit body or the ceramic inserts, thermal shock and corrosion. Also the improper pressfitting of the ceramic inserts on the bit body may cause its total detachment, and promote serious damages to the drill bit. The improvement on the production process of metal-ceramic interfaces can eliminate or minimize some of above-mentioned failures presented in tricone drill bits, optimizing their lifetime and so reducing drilling metric cost. Brazing is a widely established technique to join metal-ceramic materials, and may be an excellent alternative to the common mechanical press fitting process of hard ceramic inserts on the steel bit body for tricone drill bit. Wetting phenomena plays an essential role in the production of metal/ceramic interfaces when a liquid phase is present in the process. In this work, 72Silver-28Copper eutectic based brazing alloys were melted onto zirconia, silicon nitride and tungsten carbide/Co substrates under high vacuum. Contact angle evolution was measured and graphically plotted, and the interfaces produced were analysed by SEM-EDX. The AgCu eutectic alloy did not wet any ceramic substrates, showing high contact angles, and so without chemical interaction between the materials. Better results were found for the systemns containing 3%wt of titanium in the AgCu alloy. The presence os titanium as a solute in the alloy produces wettable cand termodinamically stable compounds, increasing the ceramics wetting beahviour